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Registration number: 10305118

Josh Angell Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2018

Titanium Accountants Limited
8th Floor, Newater House
11 Newhall Street
Birmingham
West Midlands
B3 3NY

 

Josh Angell Ltd

Contents

Company Information

1

Accountants' Report

2

Statement of Comprehensive Income

3

Balance Sheet

4 to 5

Statement of Changes in Equity

6

Notes to the Financial Statements

7 to 12

 

Josh Angell Ltd

Company Information

Directors

Mr Josh Angell

Mrs Rosemary Alice Angell

Registered office

48 Bartley Crescent
Birmingham
West Midlands
B31 1UU

Accountants

Titanium Accountants Limited
8th Floor, Newater House
11 Newhall Street
Birmingham
West Midlands
B3 3NY

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Josh Angell Ltd
for the Year Ended 31 August 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Josh Angell Ltd for the year ended 31 August 2018 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that Josh Angell Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Josh Angell Ltd. You consider that Josh Angell Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Josh Angell Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Titanium Accountants Limited
8th Floor, Newater House
11 Newhall Street
Birmingham
West Midlands
B3 3NY

28 September 2018

 

Josh Angell Ltd

Statement of Comprehensive Income for the Year Ended 31 August 2018

Note

2018
£

2017
£

Profit for the year

 

24,685

23,544

Total comprehensive income for the year

 

24,685

23,544

 

Josh Angell Ltd

(Registration number: 10305118)
Balance Sheet as at 31 August 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

5,223

4,136

Current assets

 

Debtors

5

2,584

6,661

Cash at bank and in hand

 

29,647

8,860

 

32,231

15,521

Creditors: Amounts falling due within one year

6

(8,135)

(6,013)

Net current assets

 

24,096

9,508

Total assets less current liabilities

 

29,319

13,644

Provisions for liabilities

(990)

-

Net assets

 

28,329

13,644

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

28,229

13,544

Total equity

 

28,329

13,644

For the financial year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Josh Angell Ltd

(Registration number: 10305118)
Balance Sheet as at 31 August 2018

Approved and authorised by the Board on 28 September 2018 and signed on its behalf by:
 

.........................................

Mr Josh Angell

Director

 

Josh Angell Ltd

Statement of Changes in Equity for the Year Ended 31 August 2018

Share capital
£

Profit and loss account
£

Total
£

At 1 September 2017

100

13,544

13,644

Profit for the year

-

24,685

24,685

Total comprehensive income

-

24,685

24,685

Dividends

-

(10,000)

(10,000)

At 31 August 2018

100

28,229

28,329

Share capital
£

Profit and loss account
£

Total
£

Profit for the year

-

23,544

23,544

Total comprehensive income

-

23,544

23,544

Dividends

-

(10,000)

(10,000)

New share capital subscribed

100

-

100

At 31 August 2017

100

13,544

13,644

 

Josh Angell Ltd

Notes to the Financial Statements for the Year Ended 31 August 2018

1

General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
48 Bartley Crescent
Birmingham
West Midlands
B31 1UU
United Kingdom

These financial statements were authorised for issue by the Board on 28 September 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33.3% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Josh Angell Ltd

Notes to the Financial Statements for the Year Ended 31 August 2018

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Josh Angell Ltd

Notes to the Financial Statements for the Year Ended 31 August 2018

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 1).

 

Josh Angell Ltd

Notes to the Financial Statements for the Year Ended 31 August 2018

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2017

6,205

6,205

Additions

3,694

3,694

At 31 August 2018

9,899

9,899

Depreciation

At 1 September 2017

2,069

2,069

Charge for the period

2,607

2,607

At 31 August 2018

4,676

4,676

Carrying amount

At 31 August 2018

5,223

5,223

At 31 August 2017

4,136

4,136

5

Debtors

2018
£

2017
£

Trade debtors

138

675

Other debtors

2,446

5,986

Total current trade and other debtors

2,584

6,661

Other debtors include an amount of £2,409 owed by the Director, Mr J Angell. Further details of which are included in the related party transaction note below.

 

Josh Angell Ltd

Notes to the Financial Statements for the Year Ended 31 August 2018

6

Creditors

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

7

385

1,307

Taxation and social security

 

7,750

4,706

 

8,135

6,013

7

Loans and borrowings

2018
£

2017
£

Current loans and borrowings

Finance lease liabilities

385

1,307

Finance lease liabilities are secured on specific assets to which the finance lease relates.

 

8

Dividends

 

2018

2017

 

£

£

Interim dividend of £ 100.00 (2017 - £ 100.00 ) per ordinary share

10,000

10,000

 

Josh Angell Ltd

Notes to the Financial Statements for the Year Ended 31 August 2018

9

Related party transactions

Transactions with directors

Dividends paid to directors

 

2018
£

2017
£

Mr Josh Angell

   

5,000

5,000

     
         

Mrs Rosemary Alice Angell

   

5,000

-

     
         

 

Other transactions with directors

At the year end, the Company was owed £2,409 by Mr J Angell, Director. This was repaid in full on 1 September 2018.